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FilmArray continues to fuel the growth momentum

  • 03 Nov 16

bioMerieux released Q3 FY16 trading results in line with street estimates. Total revenue increased by 9.1% at CER (vs Q3 15: +8.8%), fuelled by strong growth in the clinical applications segment (+9.8% vs Q3 15: +7.9%; c.81% of Q3 16 sales). Within the segment, the growth in the molecular biology business accelerated to +48.0% (vs Q3 15: +31.7%; c.16% of Q3 16 sales), led by strong demand for instruments in the FilmArray business line (+78.0% yoy). The strong performance continued in the microbiology business (+4.2% vs Q3 15: +3.0%; c.44% of Q3 16 sales), largely driven by the sales of BacT/ALERT blood culture and the VIRTUO product line (+12.0% yoy). However, growth in the immunoassays business slowed down (+4.4% vs Q3 15: +9.0%; c.21% of Q3 16 sales), due to increased competition in the routine testing franchise. The industrial applications segment witnessed an 8.7% increase in sales (vs Q3 15: +2.4%; c.19% of Q3 16 sales), driven by the sustained demand for VIDAS and VITEK product lines by the food sector and an increase in demand for flow cytometry solutions by the pharmaceutical sector. Geographically, the biggest beneficiary was the APAC region, wherein, sales were up 11.6% (vs Q3 15: +0.6%; c.18% of Q3 16 sales), on the back of robust growth in China, India and South Korea (all up by c.15%). Revenue growth also accelerated in the LatAm region (+14.2% vs Q3 15: +10.3%; c.7% of Q3 16 sales) as the demand in Brazil and Argentina gathered pace during the period. The positive momentum continued in North America (+18.4% vs Q3 15: +18.4%; c.35% of Q3 16 sales), benefiting from the strong uptake in installations of FilmArray systems across laboratories. However, growth in the EMEA region slumped to +1.0% (vs Q3 15: +4.9%; c.40% of Q3 16 sales), primarily due to a slowdown in the Middle East, France and in certain Southern European countries. The total reported revenue grew by 6.8% (vs Q3 15: +16.1%), reflecting a -1.3% currency effect and a -0.9% scope effect. Given the strong momentum registered in 9M, management expects the lfl revenue growth for FY16 to be above the higher end of the previous guidance of 6-8% range.